If you won $10 million on lotto, what would you do with it?

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Awrrr
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#2286788 31-Jul-2019 19:28

OK, here is a more serious response. I would give a big chunk to my sister, to whom I owe much (not money). I would buy a Tesla to get around in. I would pay to have fibre privately brought out to our home, and I would share it with the neighbours. I would give generously to local charities that actually do charitable work in the community and don't try to make a living from it. I would set up a large fenced luxury shelter on our farm for unloved cats, especially those too deformed in body and personality to ever qualify for adoption, and invite the country's SPCAs to send me their huddled masses yearning to breathe free. I would go off the grid in style, with Tesla power walls and windmills and watermills and solar arrays and everything needed to live just like I had abundant mains power, except without the mains. I would embark on some major home renovation. I would have some very expensive dental work done. I'm sure I would think of much more as things developed, but this is where I would start.

I would still like to paint the town red, but $10 million wouldn't begin to cover the necessary bribes.

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semigeek

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#2286789 31-Jul-2019 19:34

Pay of the mortgage.
Get builders etc in to finish my renovations
Build a house that has a dedicated home theatre room and a huge workshop that would be fully equipped.
Buy a Tesla or two
Buy a couple of rental properties
Invest a few million.

Dial111

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#2286805 31-Jul-2019 19:47

Keep my mouth shut
Pay off mortgage
Pay off siblings mortgages
Buy forever home
Travel
Buy dream car....cars
Invest the rest with an aim to retire within 10 years
Continue to work

Lias

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#2286839 31-Jul-2019 20:41

Buy a house, then a house in trust for each of the kids.

Given I'm now in my early 40's and cannot see ever being able to afford a house without a large drop in prices, winning lotto is quite probably the only way me or them will ever own property.

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JimmyH

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#2286845 31-Jul-2019 21:06

1. Not tell anyone except the Wife.

2. Pay off the mortgage

3. Buy a new car, nothing flash (probably another Toyota), and maybe a new home theatre system

4. Invest most of the rest. Probably in a trust structure just in case.

5. Still turn up to work the next day (but probably retire at 60 instead of 65)

That's it.

freitasm

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#2286846 31-Jul-2019 21:14

Who knows? Now I have to wait for next weekend...

Geektastic

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#2286868 31-Jul-2019 22:42

floydbloke:

I'd spend lots of it on beer and loose women...the rest I'd just squander.

So not allowing the money to change your life, then? Good for you!

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Geektastic

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#2286869 31-Jul-2019 22:44

paulchinnz:

Buy out GZ from freitasm

You'd need Gates-level wealth for that, surely?

Journeyman

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#2286873 31-Jul-2019 22:51

DarthKermit:

If you won $10 million on lotto, what would you do with it?

trig42

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#2286961 1-Aug-2019 09:23

Continue Working - Yeah, Nah. With $10m and good financial advice, there is no need to continue working.

Mortgage would be gone.

Family mortgages gone (and for the two kids without houses yet, a fund equal to the ones that have) That'd be a million gone.

Invest 6 or 7 million for an income stream.

Build the house I want.

Buy a place in the south of France, spend their summer there, our summer here(ish). Rinse, repeat.

Now, just to get the winning ticket.

PsychoSmiley

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#2286972 1-Aug-2019 09:34

Not tell anybody
Bank half and never touch it
Pay off things
Buy a midrange nice car (draw less suspicion)
Do house renovations
Continue on with life as if nothing has changed but happy with the knowledge that everything is sorted

sen8or

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#2286993 1-Aug-2019 10:02

$10mio is a tricky amount, it is certainly a significant amount of money and you could do a lot, but equally, depending on how wide you want to spread it, its not a lot.

If you have siblings / parents and your partner has siblings / parents to what extent do you disperse money to them. I have 2 siblings and both parents, my wife has 3 siblings and both parents. Say we gave $1mio to "each family", theoretically each member of my family would get $ 250k, but each member of hers would only get $200k, but if we gave each $ 250k, her side would get $250k more than mine, which is the fair approach?

Undoubtedly you can set yourself up for a comfortable life, (say after giving away $2mio to family), you are left with $8mio. You repay your existing debts (mortgage etc) and you could easily spend $2-3mio on a new house, thats not even exorbitant but would get you a nice house in a nice area, you are now left with about $5mio.

A good investment adviser is likely to get you a return of 6-8% (pure guess here, it could be more?) on your leftover winnings, $3-400kpa, but, they would likely not recommend that you actually spend all that, your spending should be only a % of your earnings, say 50%, so you are down to $150-200kpa. With no mortgage or debts, that is still a pretty spectacularly comfortable lifestyle, not at a level to upgrade to each new years Ferrari nor endless holidays in the Med.

At $10mio, I'd probably stop working full time. I'd certainly have to do something with my days, theres only so many days you can go to the gym and play golf. If I negotiated with my employer to go part time or a few days a week with relevant drop in earnings, that'd probably be a good result.

Oh, and buy a few nice things, V10 6pd manual Audi R8....

Now, $20mio and above and its a whole different kettle of fish..

Senecio

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#2286997 1-Aug-2019 10:10

I would look after my parents and the wife's parents first. Siblings can go jump, they can get their grubby hands on whatever is left after I've departed.

For myself and my wife

Quit jobs
Get financial advice to make sure we had a sustainable income
Buy a section in the country and undertake a modest self build
Live within our means and as sustainably as possible
Now that I'm not working I'd volunteer my time to a local organisation in the community. This last part is as much about giving back as it is maintaining my sanity as I'd probably live like a recluse if I wasn't working.

Geektastic

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#2286999 1-Aug-2019 10:10

sen8or:

$10mio is a tricky amount, it is certainly a significant amount of money and you could do a lot, but equally, depending on how wide you want to spread it, its not a lot.

If you have siblings / parents and your partner has siblings / parents to what extent do you disperse money to them. I have 2 siblings and both parents, my wife has 3 siblings and both parents. Say we gave $1mio to "each family", theoretically each member of my family would get $ 250k, but each member of hers would only get $200k, but if we gave each $ 250k, her side would get $250k more than mine, which is the fair approach?

Undoubtedly you can set yourself up for a comfortable life, (say after giving away $2mio to family), you are left with $8mio. You repay your existing debts (mortgage etc) and you could easily spend $2-3mio on a new house, thats not even exorbitant but would get you a nice house in a nice area, you are now left with about $5mio.

A good investment adviser is likely to get you a return of 6-8% (pure guess here, it could be more?) on your leftover winnings, $3-400kpa, but, they would likely not recommend that you actually spend all that, your spending should be only a % of your earnings, say 50%, so you are down to $150-200kpa. With no mortgage or debts, that is still a pretty spectacularly comfortable lifestyle, not at a level to upgrade to each new years Ferrari nor endless holidays in the Med.

At $10mio, I'd probably stop working full time. I'd certainly have to do something with my days, theres only so many days you can go to the gym and play golf. If I negotiated with my employer to go part time or a few days a week with relevant drop in earnings, that'd probably be a good result.

Oh, and buy a few nice things, V10 6pd manual Audi R8....

Now, $20mio and above and its a whole different kettle of fish..

I would not give any of it away to my siblings. I would probably buy houses and let them live in them for life at no cost, but the houses would remain the property of a Trust (where I would have put the money already). I wouldn't tell them where the money was from or how much etc either.

They and their children would be beneficiaries of the Trust but the Trust, set up such that it cannot give away capital, it can only lend it (and the Trustees to have wide discretion in relation to at what interest rate, term and so on). My youngest brother would spaff the lot on stupid consumer spending then wonder where it had gone and keep asking for more, for a start. He's a Millennial idiot.

dt

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#2287004 1-Aug-2019 10:14

spend more time with my family and donate some money to starship hospital

I would love the luxury of being able to drop my son off and pick him up every day from school

From there id just carry on with life as normal minus having to work and possibly pursue other interests

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